Defence budgets

“•In 2025, the U.S. administration began efforts to reduce federal spending and the size of the federal workforce under the guidance of the Department of Government Efficiency. In addition, the General Services Administration (GSA)–the U.S. federal procurement agency–has instructed all federal agencies to review their contracts with consulting firms and technology product resellers contracting with the U.S. federal government, including AFS. These and similar spending reductions and contract reviews have resulted in and are likely to continue to result in contract terminations, delays and cancellations of new procurements, and reductions in price and contract scope at AFS as well as at other state and local governments, all of which have had an adverse effect on AFS’s results, and could in the future have a material impact on our results of operations or financial condition.”

Annual report 2025A · The company itself

“Revenue from Public Preparedness amounted to DKK 3,105 million (2024: DKK 3,206 million)”

Annual report 2025A · The company itself

“DKK 176 million in other revenue (DKK 223 million) stemming from ongoing contracts with the U.S. government”

Annual report 2025A · The company itself

“we have continued to build and strengthen our partnerships... U.S. and Canada as key customers”

Annual report 2025B · From the report

“Public Preparedness continued to underline the importance of our platform and global partnerships, which are twofold; due to geopolitical uncertainty, our smallpox vaccine has increasingly become an important element for governmental organizations for defense purposes; and the mpox outbreaks have created a need for public preparedness and meeting consumer demand.”

Annual report 2025A · The company itself

“Through a fully funded development program by the U.S. Department of Defense, we have advanced the development of an MVA-BN based vaccine against equine encephalitis, currently in phase 2 clinical development.”

Annual report 2025A · The company itself

“Defense & Security Business Segment Strategy for 2026–2028 Global geopolitical instability and resulting changes have increased defense funds and the need to modernize tactical communication systems.”

Annual report 2025A · The company itself

“We derive a substantial portion of our revenue from the U.S. government, primarily from defense related programs with the United States Department of War (DoW) and contracts with other government agencies, including NASA. Levels of U.S. defense spending are very difficult to predict and may be impacted by numerous factors such as the evolving nature of the national security threat environment, U.S. national security strategy, U.S. foreign policy, the domestic political environment, macroeconomic conditions and the ability of the U.S. government to enact relevant legislation such as authorization and appropriations bills.”

Annual report 2025A · The company itself

“The timeliness of annual appropriations for U.S. government departments and agencies remains a recurrent risk. Congress may fund government departments and agencies with one or more continuing resolutions, which could delay new programs or competitions and/or negatively impact the execution of certain program activities. A lapse in appropriations for government departments or agencies would result in a full or partial government shutdown, which could impact our operations.”

Annual report 2025A · The company itself

“In addition, there continues to be uncertainty with respect to future acquisition priorities and program-level appropriations for the DoW, NASA and other government agencies, including changes to national security and defense priorities, and tension between modernization investments, sustainment investments, and investments in new technologies or emergent capabilities. Future investment priority changes or budget cuts, including changes associated with the authorizations and appropriations process, could result in reductions, cancellations, and/or delays of existing contracts or programs or 8 Table of Contents future program opportunities.”

Annual report 2025A · The company itself

“The U.S. government may modify, curtail or terminate one or more of our contracts. The U.S. government contracting party may modify, curtail or terminate its contracts and subcontracts with us, without prior notice and either at its convenience or for default based on performance. In addition, funding pursuant to our U.S. government contracts may be reduced or withheld as part of the U.S. Congressional appropriations process due to changes in U.S. national security strategy and/or priorities, fiscal constraints, including enforceable spending caps, a sequester or a lack of funding available to pay incurred obligations, or for other reasons.”

Annual report 2025A · The company itself

“Defense, Space & Security Segment This segment engages in the research, development, production and modification of manned and unmanned military aircraft and weapons systems for strike, surveillance and mobility, including fighter and trainer aircraft; vertical lift, including rotorcraft and tilt-rotor aircraft; and commercial derivative aircraft, including anti-submarine and tanker aircraft.”

Annual report 2025A · The company itself

“In 2025, 35% of our revenues were earned pursuant to U.S. government contracts, which include FMS.”

Annual report 2025A · The company itself

“Forsvarssamarbeidet i Europa styrkes, integrasjonen av nye NATO medlemmer i Norden skal skje raskt og våre nasjonale forsvar står foran store løft og investeringer. Og ikke bare er det Forsvaret som står foran store investeringer og løft, men også det samlede totalforsvaret skal bidra til å garantere for vår sikkerhet.”

Annual report 2024A · The company itself

“Bouvets langsiktige engasjement innen totalforsvaret har i så måte aldri vært viktigere. I løpet av året har Bouvet bidratt til å øke kunders digitale sikkerhet og levert tjenester til blant annet Forsvaret, NATO og Direktoratet for samfunnssikkerhet og beredskap (DSB).”

Annual report 2024A · The company itself

“Just nu pågår de största investeringarna i modern tid på vår marknad. Många av dessa är riktade mot den gröna industriella omställningen, samtidigt som det sker betydande satsningar inom basindustrin, försvaret, nyetableringar av företag och ett växande utbud av stadsnära erbjudanden och tjänster.”

Annual report 2024A · The company itself

“Sveriges NATO-medlemskap, som trädde i kraft 2024, innebär betydande framtida investeringar i totalförsvaret, vilket ytterligare driver tillväxten på vår marknad. Investeringar i infrastruktur för att stärka och säkerställa militär rörlighet på vår marknad har redan tillkännagivits.”

Annual report 2024A · The company itself

“Puolustusja energiateollisuussegmenteissä kysyntä kehittyy yhä positiivisesti.”

Annual report 2025A · The company itself

“In support of our Navy customer’s significant increase in demand for submarines and surface ships, we have made substantial investments to expand our facilities, grow and train our workforce, and expand our supply chain. The resulting increase in capacity and capabilities will support the significant demand expected in our shipbuilding business, particularly submarines, over the next two decades.”

Annual report 2025A · The company itself

“Bath Iron Works (BIW) is one of two companies that builds the Arleigh Burke-class (DDG-51) guided-missile destroyer. The DDG-51 class of destroyer is a critical component of the Navy’s surface combatant fleet and represents the longest-running shipbuilding program in Navy history with the first ship procured in 1985.”

Annual report 2025A · The company itself

“We are currently working with the Army to develop the next generation M1E3 Abrams tank to significantly overmatch current and potential threats on the modern battlefield. The demand by NATO members and other allies and partners for procurement and upgrades of Abrams tanks remains strong, reflected by a growing installed base in Europe, the Middle East, North Africa and Indo-Pacific theaters of operation.”

Annual report 2025A · The company itself

“Department of War (DoW), the intelligence community and federal civilian agencies have increasingly prioritized technology solutions to drive operational efficiencies, advance security and accelerate mission-decision making in real time. Expanded geopolitical and cyber threats and the demand for advanced warfighter connectivity have accelerated these trends, adding urgency to required technology investments. The result is an increase in federal information technology (IT) modernization and technology spending in recent years and a shift to the rapid development of solutions to meet the ever-changing information-systems and mission-support needs of these customers.”

Annual report 2025A · The company itself

“To meet growing demand, OTS across multiple locations is expanding production capacity and capabilities, including artillery-projectile and propelling-charge load, assemble and pack lines; extruded propellant production; increased Ball Powder propellant capacity; and continued advancement in solid rocket motor production. These initiatives will strengthen supply chain resiliency and support the full lifecycle of critical defense systems.”

Annual report 2025A · The company itself

“Revenue by major products and services was as follows: Aircraft manufacturing $ 9,413 $ 7,811 $ 5,710 Aircraft services 3,697 3,438 2,911 Total Aerospace $ 13,110 $ 11,249 $ 8,621 MARINE SYSTEMS Our Marine Systems segment is the leading designer and builder of nuclear-powered submarines and a leader in surface combatant and auxiliary ship design and construction for the U.S. Navy. We also provide maintenance, modernization and lifecycle support services for Navy ships and maintain the most sophisticated marine engineering expertise in the world to support future capabilities.”

Annual report 2025A · The company itself

“Stora investeringar inom energi, försvar och industri under kommande år förväntas bidra till en växande marknad.”

Annual report 2024A · The company itself

“Efterfrågan på marknaden för dynamiska kablar och konnektivitetslösningar drivs främst av utbyggnaden av energiinfrastruktur och ökade utgifter inom marin- och arméförsvaret. Båda marknaderna kännetecknas av en stabil tillväxtcykel och förväntas fortsätta så under de kommande åren.”

Annual report 2024A · The company itself

“Center bedöms marknaderna vara fortsatt starka under lång tid framöver, främst pådrivet av investeringar inom försvar, energi och AI.”

Annual report 2024A · The company itself

“Den övervägande delen av de externa intäkterna kommer från försäljningen av Fiber Solutions. Utöver detta driver koncernen verksamhet inom fokusområdena Harsh Environment och Data Center, där strategin framåt är att växa dessa områden genom välplanerade satsningar och förvärv av nya intressanta företag .”

Annual report 2024A · The company itself

“• Baserat på innovativa lösningar och hög kompetens inom systemintegration är Saab väl positionerat för att fortsätta atttillvarata attraktiva möjligheter inom nischer på den globala försvarsmarknaden. • Under 2022 låg fokus på fortsatt leverans av större projekt, inklusive Gripen E till Sverige och Brasilien. Affärsområdet Dynamics utvecklades väl med omfattande leveranser inom Ground Combat.”

Annual report 2022A · The company itself

“Till de främsta drivkrafterna hör omfattande moderniseringsprogram, ett mer spritt användande av kommunikationsutrustning och en ökad geopolitisk osäkerhet.”

Annual report 2024A · The company itself

“Till drivkrafterna hör omfattande investeringar i moderniseringsprogram – men också ett mer spritt användande av kommunikationsutrustning i en alltmer digitaliserad omvärld.”

Annual report 2024A · The company itself

“Det ökade moderniseringsbehovet, tillsammans med kraftigt höjda försvarsanslag och en omfattande upprustning, driver efterfrågan på beprövade och etablerade lösningar.”

Annual report 2024A · The company itself

“Till drivkrafterna bakom uppräkningen hör ett mer spritt användande av kommunikationsutrustning, fortsatta investeringar i moderniseringsprogram och en ökad geopolitisk osäkerhet.”

Annual report 2024A · The company itself

“Kraftigt ökade försvarsanslag till följd av geopolitisk instabilitet Den påtagligt ökade geopolitiska instabiliteten och osäkerheten har medfört att ett flertal länder kommunicerat att de avser kraftigt öka anslagen till försvar och militär. Europas försvarsutgifter förväntas öka betydligt under de närmaste 10–15 åren jämfört med nivåerna före kriget i Ukraina.”

Annual report 2024A · The company itself

“Till drivkrafterna hörde primärt den ökande aktivitetsnivån på marknaden för militära fordon.”

Annual report 2024A · The company itself

“Vuoden 2025 aikana pelastusajoneuvojen kysyntä kehittyi positiivisesti. Alkuvuonna Suomessa näkynyt epävarmuus hyvinvointialueiden tilauksista poistui ja loppuvuonna tilauskanta vahvistui merkittävästi.”

Annual report 2025A · The company itself

“However, the underlying trend is one of growing defence spending within markets that are relevant to Kitron.”

Annual report 2024A · The company itself

“Vi utvikler og leverer løsninger til det norske Forsvaret og Norges allierte som er med på å øke forsvarsevnen og sikre fred. Vår rolle som forsvarsleverandør er knyttet opp mot Norges nasjonale sikkerhetspolitikk, og Norges internasjonale forpliktelser som medlem av FN og NATO.”

Annual report 2024A · The company itself

“Fjoråret var preget av sikkerhetspolitisk uro og krig i Europa. Samtidig er jeg utrolig stolt av den innsatsen mange av mine kollegaer la inn for å sikre leveranser av kritisk utstyr til Ukraina i året som gikk. Donasjoner fra Norge og andre NATO-land, av blant annet NASAMS luftvern og anti-drone-systemer, bidro til å beskytte folk og infrastruktur i Ukraina.”

Annual report 2024A · The company itself

“A: Slik situasjonen er i dag, er det sannsynlig at NATO-landene og Norges allierte vil fortsette å investere i og styrke egen forsvarsevne. Vi forventer fortsatt stor etterspørsel etter våre kjerneprodukter som luftvern, missiler og våpenstasjoner.”

Annual report 2024A · The company itself

“Den inneholder en rekke tiltak for å øke Forsvarets kampkraft, tilgjengelighet og utholdenhet, med betydelige satsinger innenfor områder som maritim overflatestruktur, luftvern, landmakt og romdomenet.”

Annual report 2024A · The company itself

“Verdensbildet preges av økt geopolitisk usikkerhet, der krigen i Ukraina er inne i sitt fjerde år. Forsvarsbudsjettene øker i Norge, i Nato-land og blant andre allierte.”

Annual report 2024A · The company itself

“NATO-landene er ventet å heve investeringsambisjonene fra dagens gulv på 2 prosent.”

Annual report 2024A · The company itself

“Forsvarsbudsjettene øker og konsernet opplever økende etterspørsel etter våre produkter og kjernekompetanser.”

Annual report 2024A · The company itself

“Våre teknologiske løsninger er unikt posisjonert til å møte behovene for forbedret forsvarsevne og det akutte behovet for bærekraftige løsninger. I 2024 har våre avanserte forsvarssystemer bidratt til å styrke nasjonal sikkerhet i flere land.”

Annual report 2024A · The company itself

“Viktige kunder inkluderer regjeringer, forsvarsorganisasjoner og militære styrker i Europa, USA og NATO-land, sammen med kommersielle luftfartskunder.”

Annual report 2024A · The company itself

“Beskytter mennesker og infrastruktur Kongsberg Defence & Aerospace utvikler og leverer teknologi og systemer som beskytter mennesker og kritisk infrastruktur i land verden over. Våre løsninger er med på å styrke landenes sikkerhet og forsvarsevne.”

Annual report 2024A · The company itself

“Services Administration Schedules and other multi-award contracts, which has resulted in greater competition and increased pricing pressure. The DoW’s current procurement reform initiative, including the increased use of other transaction authority (“OTA”) agreements, could reduce barriers to entry and result in even greater competition and increased pricing pressure.”

Annual report 2025A · The company itself

“We cannot predict the extent to which total funding and/or funding for individual programs will be changed as part of the annual appropriations process ultimately approved by Congress and the President or in separate supplemental appropriations or continuing resolutions, as applicable. Budget and appropriations decisions made by the U.S. Government are outside of our control and may have long-term consequences for our business.”

Annual report 2025A · The company itself

“A change in U.S. Government spending priorities or an increase in non-procurement spending at the expense of our programs, or a reduction in total U.S. Government spending on an absolute or inflation-adjusted basis, could have material adverse consequences on our current or future business.”

Annual report 2025A · The company itself

“Because a significant portion of our revenue is dependent on our performance and payment under our government contracts, the loss of one or more large contracts could have a significant adverse impact on our business, financial condition, results of operations, cash flows and equity.”

Annual report 2025A · The company itself

“Macroeconomic, Industry and Governmental Risks We depend on winning profitable business in competitive markets from U.S. Government customers for a significant portion of our revenue. We are highly dependent on revenue from U.S. Government customers, primarily defense-related programs with the DoW and other government agencies.”

Annual report 2025A · The company itself

“Our consolidated revenues are largely attributable to prime contracts or to subcontracts with other contractors engaged in work for the U.S. government, with the remaining attributable to international customers, including the UK Ministry of Defence, the Australian Department of Defence, NATO and customers across a variety of commercial markets. Within the U.S. government, our revenues are diversified across many agencies, including various intelligence agencies, the U.S. Army, Navy and Air Force, U.S. Space Force, DHS, Defense Information Systems Agency, FAA, Transportation Security Administration, CBP, Defense Health Agency, VA, Department of Health and Human Services, National Science Foundation, DoE, the Environmental Protection Agency and research agencies such as Defense Advanced Research Projects Agency and the Intelligence Advanced Research Projects Agency.”

Annual report 2026A · The company itself

“INDUSTRY AND ECONOMIC RISKS We depend on government agencies as our primary customers and if our reputation or relationships with these agencies were harmed, our future revenues and growth prospects could be adversely affected.”

Annual report 2026A · The company itself

“A decline in the U.S. government budget, changes in spending or budgetary priorities or delays in contract awards may significantly and adversely affect our future revenues and limit our growth prospects.”

Annual report 2026A · The company itself

“Current U.S. government spending levels for defense-related or other programs may not be sustained. Future spending and program authorizations may not increase or may decrease or shift to programs in areas where we do not provide services or are less likely to be awarded contracts.”

Annual report 2026A · The company itself

“Because we depend on U.S. government contracts, a delay in the completion of the U.S. government’s budget and appropriations process could delay procurement of the products, services, and solutions we provide and adversely affect our future revenues. The funding of U.S. government programs is subject to an annual congressional budget authorization and appropriations process. In years when the U.S. government does not complete its appropriations before the beginning of the new fiscal year on October 1, government operations are typically funded pursuant to a “continuing resolution,” which allows federal government agencies to operate at spending levels approved in the previous appropriations cycle but does not authorize new spending initiatives.”

Annual report 2026A · The company itself

“The U.S. government may terminate, cancel, modify, renew on less favorable terms or curtail our contracts at any time prior to their completion, and if we do not replace them, this may adversely affect our future revenues and profitability.”

Annual report 2026A · The company itself

“As of January 2, 2026, our total backlog was $49.0 billion, including $9.7 billion in funded backlog. Due to the U.S. government’s ability to not exercise contract options or to terminate, modify, or curtail our programs or contracts and the rights of our non-U.S. government customers to terminate contracts and purchase orders in certain circumstances, we may realize less than expected revenues or may never realize revenues from some of the contracts that are included in our backlog.”

Annual report 2026A · The company itself

“Our revenues from contracts with the U.S. government (including all branches of the U.S. military), either as a prime contractor or a subcontractor to other contractors engaged in work for the U.S. government, generated approximately 87% of our total revenue in fiscal 2025, 2024 and 2023.”

Annual report 2026A · The company itself

“Revenues under contracts with the DoW and U.S. Intelligence Community, either as a prime contractor or subcontractor to other contractors, represented approximately 49% of our total revenues for fiscal 2025 and 2023, and 48% of our total revenues for fiscal 2024.”

Annual report 2026A · The company itself

“A reduction in overall U.S. defense spending, on an absolute or inflation-adjusted basis, because of shifting priorities, budget compromises or otherwise could adversely affect our business. Budget uncertainty, extended or repeated U.S. Government shutdowns, the use of continuing resolutions, and the federal debt ceiling can adversely affect our industry and both the quantum and timing of funding for our programs.”

Annual report 2025A · The company itself

“A decision by the U.S. Government, international partners, or FMS customer countries to cut spending on this program or reduce or delay planned orders may have an adverse impact on our business and results of operations.”

Annual report 2025A · The company itself

“We derived 72% of our total consolidated sales from the U.S. Government in 2025, including 63% from the Department of War (DoW), also known as the Department of Defense under 10 U.S.C. § 111(a).”

Annual report 2025A · The company itself

“Under det fjärde kvartalet 2024 genomfördes en riktad nyemission till ett värde om 500 MSEK före De betydande försvarssatsningar som nu sker på flertalet Nettorörelsekapital marknader är unika i modern tid och budgetanslagen till försvarssektorn ökar fortsatt i Europa. I många länder intensifieras nu även ansträngningarna att modernisera och digitalisera försvarsförmågan.”

Annual report 2024A · The company itself

“Orderläge Orderingången var stark för helåret 2024 och är, i likhet med tidigare år, drivet av en stark underliggande efterfrågan av digitalisering och modernisering hos MilDefs slutkunder samt ökade försvarsanslag i Norden och Europa.”

Annual report 2024A · The company itself

“These expenditures have not remained constant over time, have been and in the future may be reduced in certain periods, and have been and in the future may be affected by efforts to reduce costs generally. Our business with U.S. government customers has been negatively impacted in the past, and may continue to be negatively impacted in the future, by certain of the following factors, among others: •Government budgetary constraints and decreases or changes in available funding; •Budget uncertainty, government shutdowns and other potential delays or changes in appropriations or other funding authorization processes; •Reductions in overall defense spending or a shift in expenditures away from the government customers we support; •The political environment, changes in national and international priorities and macroeconomic conditions; and •Changes in public perception of the accuracy of our technology and the appropriate use of our technology by government customers.”

Annual report 2025A · The company itself

“Our business with U.S. government customers depends, in part, upon our customers’ continued expenditures on programs in areas we support such as law enforcement and national security.”

Annual report 2025A · The company itself

“Exposure to the secular growth trend in defence and security ^ Geopolitical unrest and security concerns are driving an increase in defence budgets, accelerating growth in PIR. In 2024, defence and security represented 20 per cent of revenues in PIR, up from 6 per cent in 2023.”

Annual report 2024A · The company itself

“For example, we see increasing demand for underwater surveillance technology and a broader shift towards technology made in Europe and Norway.”

Annual report 2024A · The company itself

“Industry and Economic Risks •We depend heavily on a single customer, the U.S. government, for a substantial portion of our business. Changes in this customer’s strategies, priorities, preferences and spending could have a material adverse effect on our financial position, results of operations and/or cash flows. Our primary customer is the U.S. government, from which we derived 84 percent of our sales in 2025.”

Annual report 2025A · The company itself

“The U.S. government has the ability to delay, modify or cancel ongoing competitions, procurements and programs, and change its acquisition strategies. Potential changes in the threat and global security environment; defense spending levels; government and budgetary priorities; political leadership; procurement laws, practices and strategy; inflation and other macroeconomic trends; military strategy, including changes in DoW priorities, preferences or regulations; or broader changes in social, economic, security or political demands and priorities could adversely affect existing, follow-on, replacement or future programs.”

Annual report 2025A · The company itself

“Additionally, if program costs exceed certain thresholds, or if programs are behind schedule, our U.S. government customer has been, and may in the future be, required to provide congressional notification of significant or critical cost increases or noncompliance with contractual cost or schedule provisions under the Nunn-McCurdy Act, which, in some circumstances, could result in program restructure or termination.”

Annual report 2025A · The company itself

“In addition, high deficit levels and high debt servicing costs could drive cuts to federal spending. If the statutory debt limit is reached and not increased adequately, we could be obligated to work without receiving timely payments, and a prolonged breach could have far-reaching adverse consequences. •We use estimates when accounting for contracts.”

Annual report 2025A · The company itself

“Additionally, the U.S. and its allies and security partners continue to face a global security environment of heightened tensions and instability, threats from state and non-state actors, including major global powers, as well as terrorist organizations, emerging nuclear tensions, and diverse regional security concerns. These factors have impacted and may in the future impact demand for our products and services, the competitive position of our products and services, funding for programs, our ability to perform, our supply chain, export authorizations, purchasing decisions or customer payments.”

Annual report 2025A · The company itself

“Contract Estimates Use of the cost-to-cost method requires us to make reasonable estimates regarding the revenue and cost associated with the design, manufacture and delivery of our products and services. The company estimates profit on these contracts as the difference between total estimated sales and total estimated cost at completion and recognizes that profit as costs are incurred.”

Annual report 2025A · The company itself

“Key programs include: •Development and production of the U.S. Air Force B-21 Raider long-range strike aircraft that define sixth-generation technologies; •Modernization and sustainment services for the B-2 Spirit stealth aircraft; •Development and production of the E-130J Phoenix II nuclear command, control and communications (NC3) aircraft for the U.S.”

Annual report 2025A · The company itself

“Navy’s Take Charge And Move Out (TACAMO) mission; •Fuselage production for the F-35 Lighting II Joint Strike Fighter and F/A-18 Super Hornet for use by U.S. and international forces; •E-2D Advanced Hawkeye battle management aircraft production for the U.S.”

Annual report 2025A · The company itself

“Navy, Japan, and France; •MQ-4C Triton, which provides wide area strategic ISR over vast ocean and coastal regions for maritime domain awareness to the U.S. Navy and Australia; •RQ-4 Global Hawk, which provides high resolution imagery of land masses for theater awareness and strategic ISR to the U.S. Air Force, Japan, and the Republic of Korea; and •Global system sustainment and operations support for the F-35, B-2, F/A-18, E-2, E-3, A-10, North Atlantic Treaty Organization (NATO) Alliance Ground Surveillance (AGS), Triton, Global Hawk, and restricted programs.”

Annual report 2025A · The company itself

“DEFENSE SYSTEMS Defense Systems is a leader in the design, engineering, development, integration and production of strategic deterrent systems, advanced tactical weapons, and missile defense solutions for the U.S. military and a broad range of international customers. Major products and services include strategic missiles; integrated, all-domain command and control (C2) systems; precision strike weapons; advanced propulsion, including tactical solid rocket motors and high speed air-breathing and hypersonic systems; high-performance gun systems, ammunition, precision munitions and advanced fuzes; and weapons integration, modernization, and sustainment.”

Annual report 2025A · The company itself

“Table of Contents NORTHROP GRUMMAN CORPORATION MISSION SYSTEMS Mission Systems is a leader in advanced mission solutions and multifunction systems, primarily for the U.S. defense and intelligence community, and international customers. Major products and services include radar, electro-optical/infrared (EO/IR) and acoustic sensors; command, control, communications and computers, intelligence, surveillance and reconnaissance (C4ISR) systems; electronic warfare systems; advanced communications and network systems; advanced microelectronics; navigation and positioning sensors; maritime power, propulsion and payload launch systems; full spectrum cyber solutions; and intelligence processing systems.”

Annual report 2025A · The company itself

“SPACE SYSTEMS Space Systems is a leader in delivering end-to-end mission solutions through the design, development, integration, production and operation of space, missile defense, and launch systems for national security, civil government, commercial and international customers. Major products include satellites and spacecraft systems, subsystems, sensors and payloads; ground systems; missile defense systems and interceptors; and launch vehicles and related propulsion systems.”

Annual report 2025A · The company itself

“AERONAUTICS SYSTEMS Aeronautics Systems is a leader in the design, development, production, integration, sustainment and modernization of military aircraft systems for the U.S. Air Force, the U.S. Navy, other U.S. government agencies, and international customers. Major products include strategic long-range strike aircraft; tactical fighter and air dominance aircraft; -1- Table of Contents NORTHROP GRUMMAN CORPORATION airborne battle management and command and control systems; and uncrewed autonomous aircraft systems, including high-altitude long-endurance (HALE) strategic intelligence, surveillance and reconnaissance (ISR) systems.”

Annual report 2025A · The company itself

“CUSTOMER CONCENTRATION Our largest customer is the U.S. government. Sales to the U.S. government accounted for 84 percent, 87 percent and 86 percent of sales during the years ended December 31, 2025, 2024 and 2023, respectively.”

Annual report 2025A · The company itself

“There is broad political commitment in Norway, Sweden and Finland to increase spending on developing, maintaining and modernising railroad, light rail and metro lines in major cities, as well as improving other key components of the national infrastructure such as defence, water and energy.”

Annual report 2024A · The company itself

“The key driver for NRC Group’s strategy and industry is the growing demand for increased construction and maintenance of sustainable infrastructure. Investments in rail and other critical infrastructure are expected to increase from already high levels due the underlying trends such as population growth, urbanisation, more demanding targets for decarbonisation and growing activity related to defence, energy and water supply.”

Annual report 2024A · The company itself

“Target markets include renewable energy and power stations, water reservoirs and water supply, quay facilities and projects aimed at improving the mobility of the armed forces after Sweden and Finland joined Norway in NATO.”

Annual report 2024A · The company itself

“We have identified significant opportunities in new markets such as energy, water, and defense, also influenced by the political situation. The market outlook remains strong, with high investments from Nordic governments to upgrade and maintain critical infrastructure.”

Annual report 2024A · The company itself

“Together with continued transition towards larger contracts that enable improved utilisation and margins, these will support protable growth in the existing and new markets tied to energy, water and defence.”

Annual report 2024A · The company itself

“In addition, delays in the completion of the U.S. government’s budgeting process, the use of continuing resolutions, and a potential lapse in appropriations, or similar events in other jurisdictions, have and could in the future adversely affect our ability to timely recognize revenue under certain government contracts.”

Annual report 2025A · The company itself

“Table of Contents A decline in the U.S. and other government budgets, changes in spending or budgetary priorities, or delays in contract awards have affected and may continue to significantly and adversely affect our future revenue and limit our growth prospects. Because we generate a substantial portion of our revenue from contracts with governments and government agencies, and in particular from contracts with the U.S. government and government agencies, our results of operations could be adversely affected by government spending caps or changes in government budgetary priorities, as well as by delays in the government budget process, program starts, or the award of contracts or orders under existing contract vehicles, including as a result of a new U.S. administration.”

Annual report 2025A · The company itself

“U.S. government spending levels for defense-related and other programs are uncertain, and may not be sustained at the levels associated with government fiscal year 2025. In addition, the current administration has launched efforts to evaluate and reduce overall government spending, which could impact our business, results of operations, financial condition, and growth prospects.”

Annual report 2025A · The company itself

“The U.S. government is our largest customer, representing a substantial majority of our total defense sales.”

Annual report unknown yearA · The company itself

“Our programs and contracts are subject to U.S. government policies, budget decisions, and appropriation processes, which are driven by numerous factors including U.S. domestic and broader geopolitical events, macroeconomic conditions, and the ability of the U.S. government to enact relevant legislation, such as appropriations bills. In recent years, U.S. government appropriations have been affected by larger U.S. government budgetary issues and related legislation, and the U.S. government has been unable to complete its budget process before the end of its fiscal year, resulting in both governmental shutdowns and continuing resolutions providing only enough funds for U.S. government agencies to continue operating at prior-year levels.”

Annual report unknown yearA · The company itself

“In addition, pursuant to a January 7, 2026 Executive Order, the Secretary of War could seek to limit our ability to pay cash dividends or make share repurchases if the Secretary of War determines that we have underperformed or lacked sufficient prioritization of, investment in or production speed in carrying out / performing under our U.S. government contracts.”

Annual report unknown yearA · The company itself

“U.S. government sales constitute a significant portion of our consolidated sales. Our U.S. government revenues largely result from contracts awarded under various U.S. government programs, primarily defense-related programs with the U.S.”

Annual report unknown yearA · The company itself

“Dessutom fortsätter den amerikanska rymd - försvarsstyrelsen och den europeiska rymd organisationen att investera kraftigt i modernisering av rymdinfrastruktur för nästa generations kommunikation och hotavvärjningskapabiliteter – och söker nu aktivt att utnyttja kommersiell teknik för dual-use, hybrida utrullningar.”

Annual report 2024A · The company itself

“Sivers hjälper kunder inom viktiga marknader så som AI-datacenter, satellitkommunikation, försvar och telekominfrastruktur att effektivt lösa viktiga affärsutmaningar och samtidigt minska sin miljöpå - verkan.”

Annual report 2024A · The company itself

“TVÅ KRAFTFULLA SEKULÄRA TRENDER FOKUSMARKNADER Tillgängliga slutmarknader för Sivers lösningar: AI-datacenter Hälsovård Bilindustri Luftfart & Försvar Industri Satellitkommunikation (SATCOM) Fixed Wireless Access (FWA) 5G RAN/ORAN Höghastighetståg Avancerade radar - In-Service FPAs Global FPA Volumes F SS GEO- HTS Non -GE O HTS Source: Källa: NSR Källa: Earnings Transcript Global Flat-Panel Arrays (FPA)Datacenter CAPEX spend ($B) by Hyperscalers Samtidigt fortsätter antalet uppskjutna satelliter i låg omloppsbana (LEO) att öka markant, med flera nya utrullningar planerade inom både kommersiella och försvarsrelaterade infrastruktursek - torer under de kommande åren.”

Annual report 2024A · The company itself

“Vi vann också två CHIPS Act ”lab to fab”-utmärkelser med potential för 295 MSEK (30 MUSD) under tre år för att utveckla riktantenns-IC:er och antennarrayer för 5G/6G och Electronic Warfare- applikationer, i samarbete med topp-tier företag som BAE Systems, Raytheon och Ericsson.”

Annual report 2024A · The company itself

“(Rakennusteollisuus) Puolustukseen ja huoltovarmuuteen investoidaan tulevaisuudessakin Toimitilarakentaminen supistui vuonna 2025 ja näkymät ovat edelleen vaisut, sillä yritysten investointihalukkuus on heikko ja monet hankkeet ovat lykkääntyneet. Julkisessa rakentamisessa meneillään on ollut useita suuria hankkeita, ja puolustukseen sekä huoltovarmuuteen liittyvät investoinnit pysyvät korkealla myös lähivuosina.”

Annual report 2025A · The company itself

“Saab står fast vid att vara en pålitlig partner i ett allt mer instabilt globalt säkerhetsläge. Vi fortsätter stödja våra kundländer när de bygger upp sina försvarsförmågor samtidigt som vi bidrar till att öka den europeiska försvarsindustrins kapacitet.”

Annual report 2024A · The company itself

“Sverige har blivit medlem i Nato och har fortsatt att satsa på att bygga upp sin totalförsvarsförmåga. På samma sätt ser vi ökade investeringar i försvar och ökad motståndskraft i EU och västvärlden.”

Annual report 2024A · The company itself

“Under året har regeringen presenterat en ny försvarsbudgetproposition för riksdagen som bland annat innebär ytterligare SEK 170 miljarder i anslag till det militära försvaret från 2025 till 2030. Försvarsbudgeten kommer i och med detta att öka från dagens 2,2% av BNP till 2,6% 2028, enligt Natos definition.”

Annual report 2024A · The company itself

“• Saab rapporterar en ökad orderingång, en försäljningstillväxt på 23% och en förbättrad lönsamhet under kvartalet. • Saab får en order från Airbus på sensorsystemet Arexis till 15 av Tysklands Eurofighter i telekrigsvariant. • Natos upphandlingsmyndighet NSPA beställer fler Carl-Gustaf-system inom ramavtalet med Saab. • Saab får en order på konceptstudier för framtida stridsflygförmåga till Sverige. • Saab levererar det första 340 AEWflygplanet till Polen och det fjärde GlobalEye till Förenade Arabemiraten. • 750 nya medarbetare har rekryterats under första kvartalet. • Saab håller eventet ”Strategy Execution Update” i februari och följer upp på sina mål på medellång sikt. • Saab rapporterar en orderingång på SEK 40 miljarder, den näst starkaste orderingången under ett kvartal i företagets historia. • Saab får sin största beställning på Carl- Gustaf om SEK 12,9 miljarder från Polen.”

Annual report 2024A · The company itself

“Our core business base includes the National Aeronautics and Space Administration (“NASA”), the U.S. Department of War, the U.S. Department of Energy, foreign militaries and commercial customers.”

Annual report 2025A · The company itself

“Government sales $ 1,559.4 $ 1,377.1 $ 1,381.7 Total U.S. Government sales as a percent of total net sales 25.5 % 24.3 % 24.5 % Our principal U.S.”

Annual report 2025A · The company itself

“Government contracts depends on the continued availability of funding from the U.S. Government, and, accordingly, we have the risk that funding for our existing contracts may be canceled or diverted to other uses or delayed or that funding for new programs will not be available. Similarly, sales to the European defense market depends on continued funding from European governments.”

Annual report 2025A · The company itself

“Presidential Administration for various defense and NASA programs could impact our Engineered Systems, Aerospace and Defense Electronics and Digital Imaging segments. Budget cuts at NASA have negatively impacted the revenues of Engineered Systems in 2025 and are expected to further impact revenues in 2026.”

Annual report 2025A · The company itself

“We are seeing increased sales into the European defense market as European defense budgets increase as a result of the conflict in Ukraine, threats from Russia and other geopolitical instability.”

Annual report 2025A · The company itself

“In January 2026, the President issued an executive order that imposes obligations on U.S. defense contractors, including immediately prohibiting any “major defense contractor” from conducting future stock buybacks or issuing dividends at the expense of accelerated procurement and increased production capacity. The executive order also orders a historical review of defense contractor performance and directs the Secretary of War to develop and implement additional provisions related to prohibition of stock buybacks and corporate distributions, prohibition on the use of certain metrics in determining executive compensation and authorizing the U.S. Government to cap executive base salaries.”

Annual report 2025A · The company itself

“In 2024, the U.S. Army announced approval of Milestone B, establishing the MV-75 as a program of record and transitioning the program to the Engineering and Manufacturing Development phase. This phase includes continued digital modeling, detailed hardware and software design, and fabrication of hardware, as Bell proceeds to critical design review and the first prototype tests planned for 2026.”

Annual report 2026A · The company itself

“We have customer concentration with the U.S. Government; reduction in U.S. Government defense spending can adversely affect our results of operations and financial condition.”

Annual report 2026A · The company itself

“The MV-75 program at Bell represents a significant and growing portion of our U.S. Government revenues and backlog. Bell has significantly increased and will continue to increase its investments in the resources, facilities and personnel applied to the MV-75 program.”

Annual report 2026A · The company itself

“Considerable uncertainty exists regarding how future budget and program decisions will develop. We cannot predict the impact on existing, follow-on or future programs from changes in the threat environment, defense spending levels, government priorities, political leadership, procurement practices, inflation and other macroeconomic trends, military strategy, or broader societal changes.”

Annual report 2026A · The company itself

“Significant changes in national and international priorities for defense spending could affect the funding, or the timing of funding, of our programs, which could negatively impact our results of operations and financial condition. In particular, a material reduction or delay in funding of the MV-75 program could have a material adverse effect on our cash flows, results of operations and financial condition.”

Annual report 2026A · The company itself

“Government defense programs is subject to congressional appropriation decisions and the U.S. Government budget process which includes enacting relevant legislation, such as appropriations bills and accords on the debt ceiling. Although multiple-year contracts may be planned in connection with major procurements, Congress generally appropriates funds on a fiscal year basis even though a program may continue for several years.”

Annual report 2026A · The company itself

“Government finances its operations through temporary funding measures such as “continuing resolutions” rather than full-year appropriations or when a government shutdown occurs and continues for an extended period of time.”

Annual report 2026A · The company itself

“U.S. Government contracts can be terminated at any time and may contain other unfavorable provisions. The U.S. Government typically can terminate or modify any of its contracts with us either for its convenience or if we default by failing to perform under the terms of the applicable contract.”

Annual report 2026A · The company itself

“A reduction in capital spending in the aerospace or defense industries could have a significant effect on the demand for new products and technologies under development, which could have an adverse effect on our financial condition and results of operations.”

Annual report 2026A · The company itself

“Bell’s primary U.S. Government programs are for the development of a next generation tiltrotor aircraft for the U.S. Army’s Future Long Range Assault Aircraft program, now designated as the MV-75 program and the production and support of the V-22 tiltrotor aircraft and H-1 helicopters.”

Annual report 2026A · The company itself

“Government, including contracts under the U.S. Government-sponsored foreign military sales program, generated approximately 27% of our consolidated revenues in 2025, primarily in our Bell and Textron Systems segments.”

Annual report 2026A · The company itself

“This was mainly due to increased US flag cargo activity in large part attributable to cargo moved in support of the United States and NATO response to the Russian invasion of Ukraine, two vessels added in 2024 generating charter revenue, increased vessels on charter and increased logistics support to the U.S. government.”

Annual report 2024A · The company itself

“Tillväxt inom försvarsindustrin Försvarsindustrin erbjuder nya affärer med betydande tillväxtmöjligheter för Precision Technology i en tid när efterfrågan från andra sektorer visat viss avmattning. Samtliga företag inom affärsenheten arbetar idag med försvarskunder i någon omfattning och genom samarbete inom gruppen kan resurser och teknisk expertis användas optimalt för att möta de specifika krav på kvalitet och pålitlighet som försvarskunderna ställer.”

Annual report 2024A · The company itself

“Den dominerande kundsektorn är medicinteknik- och läkemedelsindustrin med världsledande företag som utmanande kravställare. Försäljningen till försvarsindustrin utgör en växande andel.”

Annual report 2024A · The company itself

“Komponenter och delsystem till försvars-, övervakningsoch säkerhetslösningar.”

Annual report 2024A · The company itself

“Ett område där vi sett stark tillväxt de senaste åren är försvarssektorn dit uppdragen ökade under året och även involverade fler av våra företag.”

Annual report 2024A · The company itself

“Myös puolustusteollisuuteen liittyvien yksityisten hankkeiden määrä oli kasvussa, kun muiden yksityisen sektorin hankkeiden määrä jatkoi laskua.”

Annual report 2025A · The company itself

“Erityisesti Baltiassa teollisuuden tuotantolaitosten investoinnit jatkuivat hyvällä tasolla ja puolustussektorin investoinnit kasvoivat.”

Annual report 2025A · The company itself

“Investoinnit puolustussektoriin kasvoivat ja kasvun odotetaan jatkuvan.”

Annual report 2025A · The company itself

“The results of elections in the United States or other countries in which our customers are located and changes in governing administrations and legislative bodies may result in consequent changes to these regulatory regimes that could cause a decline within these industries, leading to a diminished demand for our products. For example, although the current U.S. presidential administration has reduced or suspended government infrastructure spending for EV projects, eliminated certain tax cuts available in connection with EV purchases, and rescinded requirements pertaining to reducing greenhouse gas emissions, all or any of which measures may have a detrimental affect on the U.S.”

Annual report 2025A · The company itself

“Risks related to government and global factors •Actions, policy, or key leadership changes in government agencies, or changes to laws or regulations, including those related to tax, accounting, debt, derivatives, government spending, or funding (including those related to the FDA, the NIH, the SEC, and other agencies), support of early stage research, FDA effectiveness, tariffs, and drug and healthcare pricing, costs, and programs could have a significant negative impact on the overall economy, our tenants and companies in which we invest, and our business. •Partial or complete government shutdown resulting in temporary closures of agencies could adversely affect our tenants (some of which are also government agencies) and the companies in which we invest, including delays in the commercialization of such companies’ products, decreased funding of research and development (“R&D”), or delays surrounding approval of budget proposals.”

Annual report 2025A · The company itself

“Changes to U.S. government funding, staffing, trade, policies, and other federal actions could adversely affect our business operations or those of our tenants and our venture investment portfolio companies.”

Annual report 2025A · The company itself

“we supported rising demand from health systems and national defence bodies by delivering essential solutions”

Annual report 2025A · The company itself

“MSG’s operations are subject to various risks associated with doing business with the U.S. government. MSG enters into contracts with the U.S. government for the operation and maintenance of water and wastewater systems, which contracts may be terminated, in whole or in part, prior to the end of the 50-year term for convenience of the U.S. government or as a result of default or non-performance by the subsidiary performing the contract.”

Annual report 2025A · The company itself

“Military Services Group MSG operates on 18 military installations under 50-year contracts with the U.S. government as part of its Utilities Privatization Program. The scope of these contracts generally includes the operation and maintenance of the installation’s water and wastewater systems and a capital program focused on asset replacement and, in certain instances, systems expansion.”

Annual report 2025A · The company itself

“In addition, U.S. government contracts are subject to modification, curtailment or termination by the U.S. government without prior written notice, either for convenience or for default as a result of our failure to perform under the applicable contract. If our contracts are terminated by the U.S. government as a result of our default, we could be liable for additional costs the U.S. government incurs in acquiring undelivered goods or services from another source and any other damages it suffers. Furthermore, the U.S. government periodically audits our governmental contract costs, which could result in fines, penalties or adjustment of costs and prices under the contracts. Any such fines, penalties or payment adjustments resulting from such audits could adversely affect our reputation, business, operations, financial condition, liquidity, and results of operations.”

Annual report 2025A · The company itself

“Myös puolustusteollisuuden positiivinen trendi tuki konsernin liiketoimintaa.”

Annual report 2024A · The company itself

“Under 2024 fick Ovzon sin största order hittills om 185 Mkr från sin partner Swedish Space Corporation (SSC). Ovzon kommer att leverera mobila satellitterminaler och tillhörande tjänster.”

Annual report 2024A · The company itself

“A reduction in spending by the Federal Government, sustained changes in space utilization due to remote work models and/or changes from workforce reductions due to artificial intelligence, and/or a significant downturn in one or more of the foregoing sectors have resulted in, and could continue to result in, reduced demand for office space and adversely affect our results of operations.”

Annual report 2025A · The company itself

“I Q1 2024 genomfördes med Byggmästarens stöd en övertecknad nyemission för att öka den finansiella flexibiliteten och stärka möjligheterna att arbeta med medelstora projekt där Infrea bedöms ha en konkurrensfördel. • Den svenska marknaden för infrastruktur är mycket stor och bedöms växa kraftigt kommande år. Energiomställning, underinvesterade trafiksystem och återuppbyggnad av försvaret är några saker som driver.”

Annual report 2024A · The company itself

“Core EDA Our Core EDA products and solutions are essential in the design and verification of semiconductor chips, including analog, digital, mixed-signal, memory, radio-frequency (“RF”), and silicon photonics, and are widely used across multiple industries including automotive, aerospace and defense, consumer electronics, data centers, industrial, medical, and mobile.”

Annual report 2025A · The company itself

“These solutions address critical challenges in key markets, including automotive, data center, aerospace and defense, mobile, IoT, and consumer electronics.”

Annual report 2025A · The company itself

“The customers for these services primarily consist of semiconductor and systems companies developing products for the consumer, hyperscale computing, 5G communications, mobile, automotive, aerospace and defense, industrial and life science vertical sectors.”

Annual report 2025A · The company itself

“Myös puolustussektoriin liittyvät investoinnit kasvattavat rakentamisen markkinaa.”

Annual report 2025A · The company itself

“Our future growth depends, in part, on increasing sales to government organizations. Demand from government organizations is often unpredictable, subject to budgetary uncertainty and typically involves long sales cycles.”

Annual report 2026A · The company itself

“In addition, there is pressure on governments to reduce spending, both domestically and internationally, notably in recent periods by U.S. federal government agencies. Funding reductions, uncertainties or delays could adversely affect public sector demand for our products and services.”

Annual report 2026A · The company itself

“Loss of government contracts could harm our business. Our contracts with U.S. federal, state, and local governments and with foreign governments represent a significant source of business and are subject to future funding that may affect the extension or termination of programs and to the right of such governments to terminate contracts for convenience or non-appropriation.”

Annual report 2026A · The company itself

“As a provider of products to the U.S. government, we are subject to certain rules, regulations, audits and investigations and enhanced compliance risks. Doing business with the U.S. government subjects us to risks such as dependence on the level of government spending and compliance with and changes in governmental acquisition regulations and other requirements.”

Annual report 2025A · The company itself

“Kundbasen breddades inom Communication, med fokus på offentlig infrastruktur och försvar, och inom Power, genom att attrahera olika nya kunder.”

Annual report 2024A · The company itself

“Government demand and payment for our products and services may be impacted by public sector budgetary cycles and funding authorizations, with funding reductions or delays adversely affecting public sector demand for our products and services.”

Annual report 2025A · The company itself

“Finally, for purchases by the U.S. government, the government may require certain products to be manufactured in the United States and other relatively high cost manufacturing locations, and we may not manufacture all products in locations that meet the requirements of the U.S. government, affecting our ability to sell these products to the U.S. government.”

Annual report 2025A · The company itself

“Presidential administration to reorganize federal health agencies or reduce or pause funding for domestic and international HIV treatment and prevention programs and grants, such as the U.S. President’s Emergency Plan for AIDS Relief (PEPFAR) and Centers for Disease Control and Prevention (CDC) grants for HIV prevention, may adversely impact our business.”

Annual report 2025A · The company itself

“Integrated communications and hearing protection system for special operations, military, law enforcement and security personnel”

Annual report 2025A · The company itself

“Samtidigt har efterfrågan inom försvar, säkerhet och energi ökat, dock inte tillräckligt för att uppväga nedgången i övriga branscher.”

Annual report 2024A · The company itself

“Nordamerika redovisade 0 % organisk tillväxt, med en stark utveckling inom Manufacturing Intelligence och Safety, Infrastructure & Geospatial som motverkades av en fortsatt svag utveckling på bygg- och infrastrukturmarknaderna, samt tuffa jämförelsetal inom Autonomous Solutions på grund av försvarskontrakt från föregående år.”

Annual report 2024A · The company itself

“Den underliggande efterfrågan var fortsatt god på de flesta marknader, i synnerhet inom Marine Positioning, Mining Safety samt flyg och försvar.”

Annual report 2024A · The company itself

“The defense aerospace cycle is highly dependent on U.S. and foreign government defense spending, which can be impacted by a government’s shifting priorities and budget compromises. It is also impacted by the effects of terrorism, a changing global geopolitical environment, U.S. foreign policy, the impact of government shutdowns and federal debt ceiling on funding and appropriations, whether older military aircraft are retired, and technological improvements to new engines and airframes.”

Annual report 2025A · The company itself

“Howmet’s products are used in a variety of military applications, including military aircraft. Although many of the military programs in which Howmet participates extend several years, changes in military strategy, policy and priorities, or reductions in defense spending, may affect current and future funding of these programs and could reduce the demand for Howmet’s products, which could adversely affect Howmet’s business, financial condition, or results of operations.”

Annual report 2025A · The company itself

“Australian Department of Defence, providing integrated facility services across 85 sites”

Annual report 2025A · The company itself

“In the Asia & Pacific region, ISS was awarded a six year contract with the Australian Department of Defence, providing integrated facility services across 85 sites and introducing digital, operational and socially sustainable innovations.”

Annual report 2025A · The company itself

“Huoltovarmuuden ja turvallisuuden käyttökohteita ovat muun muassa väestönsuojat, pelastus- ja johtokeskukset sekä kriittisen infrastruktuurin suojatilat.”

Annual report 2025A · The company itself

“In addition, reductions in defense spending and declines in energy-related construction could lower demand in certain markets and adversely affect our business. A portion of our aggregates and downstream shipments is tied to construction activity funded by, or adjacent to, U.S. Department of Defense installations and to private energy-related projects.”

Annual report 2025A · The company itself

“Such sales are subject to federal contracting regulations as well as uncertainties regarding governmental spending levels, spending priorities, regulatory and policy changes.”

Annual report 2026A · The company itself

“The U.S. government and its contractors may terminate their contracts with us at any time. Uncertainty in government spending and termination of contracts for government related projects could have a material adverse impact on the revenue from our government-related business.”

Annual report 2026A · The company itself

“kapacitetsopbygning i Forsvaret og stadig større fokus på renovering af den eksisterende bygningsmasse”

Annual report 2025A · The company itself

“Forsvarets Etablissement- og Territorialkommando tildelte i december kontrakten med en samlet kontraktsum i niveauet 2,6 mia. kr.”

Annual report 2025B · From the report

“However, Syncrolift has a large number of navy customers. Increased geopolitical risk often means increased defense spending.”

Annual report 2024A · The company itself

“Under 2024 har vi påbörjat samarbetet med FMV som omfattar installation och entreprenad av data och tele vid Försvarsmaktens högkvarter i Stockholm och garnisoner runt om i Sverige.”

Annual report 2024A · The company itself

“Ävenpådennordamerikanskamarknadenhardetskettenkursändringvadgällerklimatomställningenochlångsiktigutfasningav fossilaenergislag.DetlångsiktigaprogramsominförtsiUSA,IRA (Inflation Reduction Act), gäller fram till 2033 och innebär betydande skattereduktioner för de som installerar värmepumpar i såvälenfamiljshus som i kommersiella fastigheter. Det finns idag inga beslut från den nya administrationen om att förändra detta omställningsprogram. NIBE Group är delaktiga i debatten genom att kontinuerligt informerapolitikerochbeslutsfattareibådeEUochUSAomvärmepumpsteknologinochdesscentralrolli omställningentillettmer hållbartsamhällemedeffektivt,ickefossilt,energiutnyttjande.”

Annual report 2024A · The company itself

“Stora budgetunderskott gör det svårt för många europeiska länder att uppfylla sina åtaganden att öka försvarsutgifterna, vilket annars skulle stimulera ekonomin och öka säkerheten.”

Annual report 2025A · The company itself

“Försvar är ett annat område som visar stark tillväxt.”

Annual report 2024A · The company itself

“Government demand and payment for our products, subscriptions, and support offerings may be impacted by government shutdowns, changes in administrations, budgetary cycles, contracting policies, fiscal policies, and funding authorizations, with funding reductions or delays adversely affecting public sector demand for our products, subscriptions, and support offerings.”

Annual report 2026A · The company itself

“A portion of our revenue is generated by sales to government entities, which are subject to a number of challenges and risks. Sales to government entities are subject to a number of risks.”

Annual report 2026A · The company itself

“Among the economic factors which may have such an effect are manufacturing and other end-market activity, currency exchange rates, air travel trends, difficulties entering new markets, tariffs and governmental trade and monetary policies, changes in government spending priorities (including defense and infrastructure spending), global pandemics, and general economic conditions such as inflation, deflation, interest rates and credit availability.”

Annual report 2026A · The company itself

“Legal and Regulatory Risks As a provider of products to the U.S. government, we are subject to additional risks related to future government spending as well as unusual performance conditions and enhanced compliance risks. In addition to the risks identified herein, doing business with the U.S. government subjects us to unusual risks, including dependence on the level of government spending and compliance with and changes in governmental acquisition regulations.”

Annual report 2026A · The company itself

“Det er fx udbygning af havne og lufthavne for bare at nævne et par velkendte eksempler.”

Annual report 2025A · The company itself

“Styrke koncernens position som en værdiskabende samarbejdspartner for Forsvaret.”

Annual report 2025A · The company itself

“Øget fokus på investeringer i forsvar.”

Annual report 2025A · The company itself

“Særligt den kritiske infrastruktur fylder meget i både danskernes og europæernes bevidsthed, og her kan vi allerede nu se en øget efterspørgsel fra blandt andre Forsvaret. Det er fx udbygning af havne og lufthavne for bare at nævne et par velkendte eksempler.”

Annual report 2025A · The company itself

“• Fokus på at skabe et sikkert og attraktivt arbejdsmiljø samt blive den foretrukne arbejdsplads. • Udnytte de muligheder, som den grønne omstilling bringer, og sikre, at vores arbejdsgange og processer er tilpasset fremtidens krav. • Styrke koncernens position som en værdiskabende samarbejdspartner for Forsvaret. • Fokus på selektering, herunder brug af AI som katalysator for øget produktivitet i tilbud og udførelse.”

Annual report 2025A · The company itself

“Även som medlemmar i Nato är en fungerande transportinfrastruktur utifrån totalförsvarets behov och militär rörlighet prioriterat. Här når inte den svenska järnvägen upp till de krav som Nato ställer.”

Annual report 2024A · The company itself

“Dessutom förväntas Sveriges inträde i NATO påverka sektorn positivt, både genom ett ökat behov av industriell produktion och att nya krav ställs på lagerhållning av viktig försvarsmateriel och andra förnödenheter.”

Annual report 2024A · The company itself

“Det försämrade säkerhetsläget i flera regioner ökar behovet av stärkt totalförsvar och krisberedskap vilket resulterar i investeringar i infrastruktur, energiförsörjning, dricksvatten hantering och såväl fysisk säkerhet som informations- och cybersäkerhet.”

Annual report 2024A · The company itself

“We expect the U.S. Congress to continue to consider implementation and/or expansion of policies that would restrict the federal and state governments from contracting with entities that have corporate locations abroad.”

Annual report unknown yearA · The company itself

“Venäjän hyökkäyssota Ukrainassa jatkui ja vauhditti Euroopan puolustusinvestointeja.”

Annual report 2025A · The company itself

“Vuonna 2025 United Bankers päivitti vastuullisen sijoittamisen periaatteitaan sallimalla sijoitukset tavallisen puolustusteollisuuden lisäksi myös EU- ja NATO-maiden ydinaseisiin ensimmäisten suomalaisen finanssialan toimijoiden joukossa.”

Annual report 2025A · The company itself

“Kraftigt ökad efterfrågan inom dämpningsteknologi för friktionsfjädrar driven av högre efterfrågan inom försvarsapplikationer.”

Annual report 2024A · The company itself

“In addition, at the end of 2025, the President issued executive orders directing the DOE to issue orders keeping certain coal plants running for grid reliability despite utilities' plans to retire them. Future orders impacting our planned retirements of coal plants could impact our ability to execute on our capital plan and to meet our environmental goal.”

Annual report 2025A · The company itself

“Osäkerheter i det geopolitiska landskapet har lett, och spås leda till fler politiska beslut om att förstärka Sveriges beredskap. Sannolikt innebär det ökade investeringar i samhällets infrastruktur liksom i upprustningen av totalförsvaret.”

Annual report 2024A · The company itself

“Därutöver planeras fortsatta satsningar framåt inom såväl kriminalvården som försvaret där Wästbygg Gruppens medarbetare har kompetens och erfarenhet.”

Annual report 2024A · The company itself

“Trade wars, stricter immigration policies, more frequent natural disasters, continued diplomatic conflicts, and pressure on NATO members to increase defence spending, are all signals of an unclear landscape.”

Annual report 2024A · The company itself

“Additionally, because 5.0% of our revenue for the year ended December 31, 2025 was attributable to projects in the government sector, a reduction in federal, state, or local government spending in our industries and markets could have an adverse effect on our business, financial condition, results of operations and cash flows.”

Annual report 2025A · The company itself

“Ökade satsningar på försvar och kriminalvård leder till högre efterfrågan på installationstjänster, både för renovering och nybyggnation av relaterade fastigheter såväl som till följd av kompetensomyttning.”

Annual report 2024A · The company itself

“To the extent that these conflicts result in increased spending by governments on defense and diversion of resources from healthcare spending, our business may also be adversely affected.”

Annual report 2026A · The company itself